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Rural Renewal Reliefs and threatening accountants

  • 06-07-2015 5:04pm
    #1
    Hannaho
    Registered Users, Registered Users 2 Posts: 737 ✭✭✭


    Hi! As mentioned below I have a Rural Renewal property - the ten years since purchase is up and my accountants told me I could sell the property - the completion date was set on this basis. However, on ringing the Revenue on another matter related to the property, the Revenue said I could not sell the property as it was ten years from the first Lease date and not ten years from the date of purchase as my accountants had told me. Now the purchaser is threatening to sue for specific performance and if I do sell it before the ten year lease period, I will have to pay a five figure sum.

    When I said to my accountants that I was going to make a complaint against them, they said they would tell the Revenue that my Rural Renewal Property was not rented for 2.5 years and that this would invalidate my reliefs and I would have to pay the five figure sum anyway!!

    the property wasn't let for a 2.5 year period because I couldn't get any tenants. I had the property advertised to rent twice a year on Daft - usually May and September. I have evidence of emails between myself and prospective tenants. Often I would go down - 130km and the person who was supposed to meet me would not turn up, or they would arrive and say they hadn't got the money for a deposit, or when I would get there, they would say they wanted to rent a room only etc. The house was never lived in during this time, and was absolutely available for letting - I also had a notice up in the local shop - the electricity bill was just the standing charge and the insurance was for an unoccupied property. There were so many houses around that were vacant and nicer than my own - in terms of build quality and design, that it was impossible to rent them. The only reason that the house has been rented since last March is that the purchaser is buying the property for his daughter who has rented it from me - otherwise it would still be vacant.

    Question: where do I stand with Revenue on this - and what about the threat that my accountant is making that he will contact Revenue and tell them the house was not rented for 2.5 years - my accountant was happy to return the house as not rented for the last two years and never made an issue of it. Advice really needed!


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